VIRTÙ Lex Ethos: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VIRTÙ Lex Ethos
Largest movements
- Receivables within one year -€56,218
down €56,218 (-52.9%), from €106,222 to €50,005
of which Trade receivables: -€46,417
- Receivables after one year +€44,100
new in 2025: €44,100
- Financial fixed assets -€5,000
down €5,000 (-96.2%), from €5,200 to €200
- Cash +€1,268
new in 2025: €1,268
mainly Net result for the year (+€64,117) and Receivables within one year (+€56,218)
- Trade debts -€41,252
no longer reported in 2025 (was €41,252)
- Profit (loss) carried forward +€29,117
up €29,117, from -€25,345 to €3,771
- Other debts -€13,588
down €13,588 (-28.0%), from €48,588 to €35,000
- Tax, wage and social debts +€8,817
up €8,817 (+43.5%), from €20,284 to €29,100
- Gross operating margin +€34,728
up €34,728 (+83.5%), from €41,612 to €76,340
- Taxes +€7,397
up €7,397 (+170%), from €4,362 to €11,758
- Financial income +€3,632
new in 2025: €3,632
- Other operating charges +€970
up €970 (+769%), from €126 to €1,097
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €120,853 | €103,872 | -€16,981 | -14.1% |
| Fixed assets | 21/28 | €14,631 | €8,499 | -€6,132 | -41.9% |
| Tangible fixed assets | 22/27 | €9,431 | €8,299 | -€1,132 | -12.0% |
| Land and buildings | 22 | €5,835 | €5,221 | -€614 | -10.5% |
| Plant, machinery and equipment | 23 | €945 | €427 | -€518 | -54.8% |
| Other tangible fixed assets | 26 | €2,650 | €2,650 | = | 0.0% |
| Financial fixed assets | 28 | €5,200 | €200 | -€5,000 | -96.2% |
| Current assets | 29/58 | €106,222 | €95,373 | -€10,849 | -10.2% |
| Amounts receivable after more than one year | 29 | - | €44,100 | +€44,100 | |
| Other amounts receivable | 291 | - | €44,100 | +€44,100 | |
| Amounts receivable within one year | 40/41 | €106,222 | €50,005 | -€56,218 | -52.9% |
| Trade receivables | 40 | €50,545 | €4,128 | -€46,417 | -91.8% |
| Other amounts receivable | 41 | €55,677 | €45,877 | -€9,801 | -17.6% |
| Cash at bank and in hand | 54/58 | - | €1,268 | +€1,268 | |
| Total equity and liabilities | 10/49 | €120,853 | €103,872 | -€16,981 | -14.1% |
| Equity | 10/15 | €10,655 | €39,771 | +€29,117 | +273% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €34,000 | €34,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,000 | €34,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,345 | €3,771 | +€29,117 | |
| Amounts payable | 17/49 | €110,198 | €64,100 | -€46,098 | -41.8% |
| Amounts payable within one year | 42/48 | €110,198 | €64,100 | -€46,098 | -41.8% |
| Financial debts | 43 | €75 | - | -€75 | |
| Credit institutions | 430/8 | €75 | - | -€75 | |
| Trade debts | 44 | €41,252 | - | -€41,252 | |
| Suppliers | 440/4 | €41,252 | - | -€41,252 | |
| Taxes, remuneration and social security | 45 | €20,284 | €29,100 | +€8,817 | +43.5% |
| Taxes | 450/3 | €20,284 | €29,100 | +€8,817 | +43.5% |
| Other amounts payable | 47/48 | €48,588 | €35,000 | -€13,588 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €819 | €1,132 | +€313 | +38.2% |
| Other operating charges | 640/8 | €126 | €1,097 | +€970 | +769% |
| Gross operating margin | 9900 | €41,612 | €76,340 | +€34,728 | +83.5% |
| Operating profit (loss) | 9901 | €40,667 | €74,112 | +€33,445 | +82.2% |
| Financial income | 75/76B | - | €3,632 | +€3,632 | |
| Recurring financial income | 75 | - | €3,632 | +€3,632 | |
| Financial charges | 65/66B | €1,585 | €1,869 | +€284 | +17.9% |
| Recurring financial charges | 65 | €1,585 | €1,869 | +€284 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €39,082 | €75,875 | +€36,793 | +94.1% |
| Income taxes | 67/77 | €4,362 | €11,758 | +€7,397 | +170% |
| Profit (loss) for the period | 9904 | €34,720 | €64,117 | +€29,397 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,720 | €64,117 | +€29,397 | +84.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.